Conglom to pay $360 mil for tech firm
News Corp. has cut a deal to buy 90% of education technology shingle Wireless Generation for $360 million in cash.
Deal was announced late Monday by News Corp. topper Rupert Murdoch, who said he sees gold in the growing market for educational software and technology services. Gotham-based Wireless Generation provides software and data systems that allow teachers to evaluate student progress and tailor instructional plans to individual students.
Wireless Generation will become an autonomous subsidiary of News Corp. and will be managed by founder and CEO Larry Berger, prexy-chief operating officer Josh Reibel and exec veep-chief product officer Laurence Holt, who will collectively retain the remaining 10% of the company.
“When it comes to K-12 education, we see a $500 billion sector in the U.S. alone that is waiting desperately to be transformed by big breakthroughs that extend the reach of great teaching,” Murdoch said. “Wireless Generation is at the forefront of individualized, technology-based learning that is poised to revolutionize public education for a new generation of students.”
Company has about 400 employees. Its products and services reach more than 200,000 teachers and 3 million students across the country.